All Forum Posts by: Mark Jones

@Travis S., my advice is to go with something that has at least 2 bedrooms per side and will rent for at least $800 per side. Inventory is a little tight. I’d try to pick a few areas of town that interest you the most and start researching them and running numbers. You’ll be able to move quicker and with more confidence when you do find something. Good luck. 

@Account Closed Indiana does not have a cap on the amount you can raise rent. You can definitely raise it at lease renewal. I think you still need to give them a 30 day notice. I try to give 60 days. 

Welcome @Chad Meyer, the CIREIA meetings are pretty good. 

@Tae C.

I had this happen in 2011. You should have received notice of when you need to meet at the health dept for the violations. Either you need to go or have a representative go. I don’t know if a rep has to be a lawyer or not, I went myself. 

Bring the paper trail you have of the first violation and when you purchased. Plead ignorance, state that you are fixing everything on the list and ask for 30 or 60 days to do it. 

They’ll issue a stay on the fines, send out an inspector to look at the property just before your next meeting. Then you go to the follow up meeting with evidence of everything being fixed. Hopefully the inspector reports the same. Once everyone is happy, you get to make a final statement where you’ll request that the fines be dismissed. They will likely reduce them to 10% of the original. 

My advice is to kill them with respect and kindness since they have the power to be a real pain in the butt and cost you a lot of money if they want to. 

Then it’s up to you if you want to go back to the previous owners for that money or eat it as a lesson learned. 

Oh and don’t miss any of the meetings they set. That doesn’t make the code people happy. 

@Evan Manship

Thanks for posting. Definitely inspiring and let’s me know I’m not moving fast enough (taking enough action).

@Jason Rodriguez I believe even more important than building your credit or a source of funds is gaining experience. Get a job with a property manager, local flipper/investor, get your license, etc. I'm guessing as a college student, you don't have tons of time. Get something part time working to gain experience. This will also help you narrow your focus of what you want to do or not do when you start investing yourself. 

@Eric 

@Eric Mattisz, also be sure to monitor the assessed value every year and challenge it if needed. No need to pay extra if you can justify a lower assessment. 

@Jason Chen I think you nailed the sentiment of the other posters. 2011-2015 Duplex's in solid neighborhoods could be found in the $50k range, particularly in the midsize cities of the midwest. Now a $50k duplex is going to be either a complete gut (which doesn't appear to be what the OP is looking for) or in a rough area. 

Where the OP may find this kind of deal is moving into a more rural area just outside of those midsize cities. 

@Andri Artayudianto I'll echo Matt, there are no other licenses. The tax ID just depends on what business structure you're using. 

@Larry Fried, I'm not sure what the term is for the appeal I did. I used form 130 and just shot from the hip in filling it out the best I could and everything worked out. I say shot from the hip because the process/form instructions aren't always clear. 

For the rental I submitted a copy of the purchase agreement. I actually did this before I even owned the place. Had I waited I would have missed the submittal deadline. 

New assessments usually come out around April 10.